House — Buying Terms

: A deposit made to the seller to prove you are serious about buying the home.

: The portion of the home's value that you actually own, calculated as the market value minus your remaining mortgage balance.

: A neutral third party that holds funds and documents until all conditions of the sale are met. house buying terms

: Most lenders prefer your annual income to be between $100,000 and $125,000 to approve a $400,000 mortgage. Essential real estate terms you should know | Opendoor

: A guideline suggesting you should have a 30% down payment, spend no more than 30% of your income on mortgage payments, and the home price should not exceed 3 times your annual income. : A deposit made to the seller to

Real estate professionals often use specific "rules" to help buyers determine if they can afford a home:

: The legal concept of ownership. The Title Deed is the physical (or digital) paper that serves as evidence of that ownership. : Most lenders prefer your annual income to

: The primary contract between a buyer and seller that outlines the price, terms, and conditions of the sale.